You Can Make Money, You Can Make Excuses, But You Can't Make Both!!!

By
Mortgage and Lending with Branch Manager at PrimeLending NMLS#469258

How many times have you heard co-workers complaining about the markets, or the lender, the title company etc??? In today's Real Estate environment there is no time or place for excuse makers, we need reason finders. I run into this at least 5 times per week when I am out in the field. It really amazes me how unhappy some people are with what they do. I would think that if you do not like what you do you will not succeed, right? If you truly love what you do then you will be successful, I have always gone by this...the more people I help be successful then it will come back to me tenfold. So before you let that excuse come into your head make sure you think of how that decision will impact your paycheck. Check out my latest ongoing purchase..

So last week a friend of mine at another mortgage company calls me and asks I can help with a deal he has. I said sure, whats the situation? Well come to find out it is a purchase that should be pretty easy. Here comes the problem......I get a call from the Agent who tells me this loan has to close on 4/29! I did not even have a fully executed contract yet, I in return said probably not going to happen since I just got the file on the 4/15. I took a verbal beating about how she has another mortgage person who can do it...blah blah blah...I basically said then PLEASE give it to him. I do not understand why some agents think they can abuse the mortgage people? It makes really wonder how people like that make it in this business, The agents I work with are great, they know I will get the job done right. They do not have to call me and go crazy with all that nonsense. It makes really think that this agent is not doing the right thing for their client. Well everything is moving along and we will see what happens here, I will keep you informed.

Here is the moral of this story, the new agent I have never worked with before is already calling non-stop and saying all the things that should not be said. I think we all need to have realistic expectations of our business partners, the only person you are hurting through this RUSH process is your client! They will have a miserable experience and be very upset, even if the loan closes in that 2 week period , I will still look like the bad guy. Choose your partners wisely..

STAY TUNED.......

Patrick Chicklinski

 

 

 

 

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Rainmaker
420,595
Leslie Ebersole
Baird&Warner Fox Valley - Saint Charles, IL
REALTOR - Chicagonulls Western Suburbs

Get through this and then schedule a face to face with the agent and her broker for a little chat. Her behavior creates an unnecessary level of risk for her client and her broker. I love and trust my "go to" lenders and push a little once in a while, but for goodness sakes, you guys have the MONEY!!!!

Apr 24, 2010 10:28 PM #38
Ambassador
1,227,877
Tammie White
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net - Franklin, TN
Franklin TN, South of Nashville

I'd probably be asking why it has to close so quickly?

Apr 24, 2010 11:09 PM #39
Rainmaker
337,352
Agent Aaron Vaughn, REALTORĀ® Listing Specialist
Capitol Home Team | Austin TX - Buda, TX
The $500 Million Marketing Advantage

Hello:

I love what I do, and I am not very busy right now. But I try not to waste time with excuses. Instead I just keep plugging along.

Apr 24, 2010 11:48 PM #40
Rainer
125,833
Barbara Kornegay
REMAX Essential - Wilmington, NC
Wilmington NC Real Estate, Homes

Patrick I am a positive thinker and go getter...  But I must be honest - in some areas, just because you love what you do and are even great at it - does not necessarily mean you will be successful by many folks standards...  In any job or hobby in life... Not just real estate...

I think -When we were young our parents told us, as long as we worked hard and did the right thing we could have anything we want - when we were children we thought this would mean monetary gain...That we would see the "fruit of our labor as a new car, the right home etc etc" 

My def. of success has changed quite a bit... and this is the reason I do not complain at work...  If I can advise one person on how to stay in their home, or help one first time homebuyer and see the smile on their face when they get their first set of keys - I am Happy!

Okay so I ranted a bit!

Apr 25, 2010 06:26 AM #41
Ambassador
896,356
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Realtor - Ann Arbor Real Estate

Patrick, there are very few lenders in my area, who can close in 30 days right now. They are backed up, the appraisers are backed up, the underwriters are backed up.

We have started writing all of our FHA contracts for 45 days.

Sorry you can't be a miracle worker but who can?

Apr 25, 2010 07:39 AM #42
Ambassador
1,252,828
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

Yes we have to be respectful of ALL partners in a transaction. I also have an appraisal company and if you want to hear abuse, step into that office. My appraiser works hard to do a good job, yet if she doesn't "hit the number" she must hear complaints from lender, and frequently the agents in the deal.

Apr 25, 2010 02:18 PM #43
Rainer
64,761
Marguerite Wherry
Associate Broker / Teles Properties, Inc. - Malibu, CA

I would try and find out why the fast escrow. Sounds like you are not getting the whole story. Is it a a property that is being foreclosed on?

The agent needs to be more professional.

Apr 25, 2010 03:19 PM #44
Ambassador
684,273
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Patrick we can choose who we work with and it sounds to me like you made the right decision when you suggested that she call the broker who could "supposedly" get the transaction closed in 2 weeks.  Huffing and idol threats does nothing to nurture relationships with our industry partners.  Fortunately, at least I hope, there are more good seeds than bad.

Apr 25, 2010 04:10 PM #45
Rainer
20,123
Mary Towler
Keller Williams Realty Signature Partners - Powder Springs, GA

Hi, I have read with interest all of the above comments. There are lenders out there who close purchase loans (FHA and conventional) in two weeks. I do it all the time. I am not promoting lenders on this blog, so get in touch with me if you are in Georgia and need a two week closing. As long as it is not a foreclosure or short sale where the seller (or getting clear title) holds things up, I close all of my buyers in two weeks if they want/need to.

Apr 25, 2010 04:48 PM #46
Rainmaker
1,371,252
Ron & Alexandra Seigel
ra@napaconsultants.com - Carpinteria, CA
Luxury Real Estate Marketing

Very well said.  Congratulations!

Apr 25, 2010 08:50 PM #47
Rainer
247,026
Frank Castaldini
Coldwell Banker - San Francisco, CA
Realtor - Homes for Sale in San Francisco

Hat's off to the loan officers.  I know they have a hard job these days.  Good luck.

Apr 26, 2010 01:10 AM #48
Rainmaker
351,538
Damon Gettier
Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA
Broker/Owner ABRM, GRI, CDPE

Sometimes you need to fire an agent....sounds like you are there!

Apr 26, 2010 01:16 PM #49
Rainmaker
287,477
Pippa Mac
Chevaux Group Realtor, The Woodlands and Spring - The Woodlands, TX
The Woodlands TX Real Estate

Times are changing!!!!!!!!!!!!!!!!!!!!

Apr 26, 2010 07:06 PM #50
Rainer
11,325
Johnny Huja

Mary,

If your closing in 2 weeks (10 business days) the following must happen:

- Full loan package from buyer, all income (W2, Tax returns), assets, etc, NO MISSING ITEMS or there will be a delay.

- 4506 orders coming in on time

- Get all disclosures signed that day in order to order appraisal

- Super fast appraisal company (Remember HVCC) and super fast turn times, i'm talking within 3 days...i dont see that happening.

- Have NO APPRAISAL REVIEWS

- Have NO or very little Prior to Doc conditions, and if there are they must be signed off and cleared the same day..not happening...it's usually a 1 day minimum

- Have NO or very little Funding Conditions, AGAIN, if there are they must be signed off and cleared the same day..not happening...it's usually a 1 day minimum

- Lastly, everything flows through the underwriter without a hitch or any questions.....LOL

Im sorry honey, we're cuttin it WAY TO CLOSE to PROMISE ANY CLIENT that this can happen....LOL

I'm gonna venture to say that your at about 3 weeks MINIMUM from the time you pull credit to Funding.

I'm sorry, i'm just speaking the truth. MDIA Act is at a minimum of 10 days anyways.

Apr 26, 2010 11:41 PM #51
Rainer
20,123
Mary Towler
Keller Williams Realty Signature Partners - Powder Springs, GA

Johnny,

If I struck a nerve with you, I am sorry. However just because you can't do a loan in two weeks does not mean that other lenders can't. No, everything does not have to go perfect in order to close in two weeks. This is a direct lender  and local to Georgia. Myself and others in my office have no problems closing in two weeks when we need to. No need to be defensive or make assumptions about deals that you are not part of. It does not reflect well on you.

Apr 27, 2010 10:21 AM #52
Rainer
11,325
Johnny Huja
Mary, you know I love you. I'm not mad. I'm just saying from credit to funding is not 10 business days. No hard feelings, just love and happiness.
Apr 27, 2010 08:44 PM #53
Rainmaker
1,374,793
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

I'm happy with you closing in 6 weeks, but tell the truth. Don't tell someone they are qualified because your gut tells you so. Get the freaking paperwork and get an approval with only property conditions as an exception, that should be within 5 days.

Apr 27, 2010 10:07 PM #54
Rainer
11,325
Johnny Huja

Welcome to the nasty, filthy world of lending. People all across the U.S. are just now learning the secrets behind the financial industry and how the mortgage industry is delicately held together by worthless MBS security products sold on wall street which is dangerously on the verge of collapse especially since the Goldman Sachs scandal is brought to light.

For those who SUPPORT the financial reform thats about to happen, watch how much your clients will have to put down and see how high the interest rates go when the risk and cost of lending goes through the roof thanks to your beloved senators.

May 05, 2010 02:50 AM #55
Ambassador
621,635
Marilyn Boudreaux
Marilyn Boudreaux, Century 21 Mike D. Bono & Co.'s - Lake Charles, LA
Lake Charles LA Century 21 Realtor

Patrick, Oh my I am so glad you posted this!  I am married to a loan officer so I hear these stories daily and it embarrases me sometimes that my fellow Realtors act like children on the playground.  There is no loyalty in our industry and what Realtors should realize is the loan officer is our friend not our foe.  Just sit back and let the LO do their job, we are done once we write the contract and finish inspections.  Daily calls will not get anything done faster and bad mouthing a LO is a BIG no no... No one knows the circumstances that go along with each file and should not be discussing a deal with another LO anyway.   Nuff Said!  Thanks for speaking up I can tell you are a great Loan Officer!

May 27, 2010 11:19 PM #56
Anonymous
Anonymous
Abdul Levy

Who made this quote what was his or her name?

Sep 21, 2010 06:27 PM #57
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Rainmaker
46,025

Patrick Chicklinski

918-946-4218, NMLS # 469258
Buying or Building a New Home
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